刘煜辉：每一次激烈博弈和碰撞，都是中国核心资产“倒车接人”的机会

Group 1 - The 2025 Fund High-Quality Development Conference was held in Shenzhen, gathering top experts and leaders from academia, private equity, and brokerage firms to discuss new paths for high-quality development in the fund industry [1] Group 2 - Liu Yuhui stated that the essence of the trade and tariff wars is the final showdown between China's industrial power and the financial power of the US dollar, which were once well-matched but have diverged significantly over the past 20 years [3] - By 2024, China's industrial manufacturing output is projected to account for 35% of global manufacturing output, with a potential increase to 45% by 2030 [3] Group 3 - The proportion of China's supply chain power, in terms of technical density, is estimated to exceed 60%, as many low-end supply chain components have been relocated overseas, leaving more technology-intensive segments in China [4] Group 4 - The financial power represented by the US dollar is stagnating and even shrinking, leading to an increasing mismatch with China's industrial power, which is causing global economic activities to increasingly detach from the dollar [5] - Trade activities between China and countries like Saudi Arabia and Brazil are shifting towards currency swaps, indicating a significant move away from dollar-based transactions [5] Group 5 - The conflict between industrial and financial powers is rooted in the need to rebuild a new order that aligns these structures, with two potential scenarios: the US attempting to reduce China's industrial power or China increasing the weight of renminbi-denominated assets to match its industrial strength [6] Group 6 - The expectation of a prolonged and intense struggle between the US dollar and China's industrial power is emphasized, with each confrontation presenting opportunities for China's core assets [7]